Flipkart today announced it has raised $210 million in a financing round that was led by Russian Internet tycoon Yuri Milner’s DST Global. Flipkart’s existing investors, Tiger Global, Naspers, and Iconiq Capital also participated in the financing round, the company said in a press release. The announcement comes days after Flipkart acquired Myntra in excess of $300 million.
Prior to this round, Flipkart had raised close to $540 million. Milner, best known for his early investment in Facebook, would bring in much more value to Flipkart than just money. Flipkart had announced it would invest in excess of $100 million in Myntra.
Flipkart says it has over 18 million registered users, 3.5 million daily visits and has technology that ships 5 million shipments a month.
The press release follows:
Flipkart Raises $210 Million in Financing Round Led by DST Global
BANGALORE, 26 May 2014: Flipkart, India’s largest e-commerce platform, today announced a $210 million investment led by DST Global – one of the leading global investment groups focused on Internet. Existing investors Tiger Global, Naspers, and Iconiq Capital also participated in the financing round.
Talking about this development Sachin Bansal, co-founder and CEO, Flipkart, said, “With the addition of DST Global, we have further strengthened our investor base that consists of world-class investors. We are excited to be a part of the DST portfolio featuring companies that are leading social and ecommerce innovators. Led by a visionary like Yuri Milner, DST brings a global perspective into each of their Internet investments along with a unique understanding of the businesses they invest in and we look forward to working with their team.”
Adds, Binny Bansal, co-founder and COO, Flipkart, “Flipkart has changed the way people shop in India. Today, we are the first choice in online shopping for millions of customers across the length and breadth of the country. We met our GMV run rate of $1 billion, a year before target, reinforcing our leadership position. The funding further strengthens our capabilities to deliver on our next stage of growth.”
Yuri Milner, founder of DST Global said: “Flipkart is one of the fastest growing internet companies globally led by visionary founders. It is well placed to capitalize on the significant opportunity in the fast growing Indian ecommerce market.” Flipkart’s other investors include Accel Partners, Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital.